NPS Scandal plus IFDA Scandal means a higher average cost of a funeral or average funeral cost.
These numbers sound like Wall Street Bailout numbers.
The final numbers are in for these two Scandals National Prearranged Services has 1.9 BILLION in LIABILITIES, 312 million in assets(Cash). FBI may seize officials personal assets.
This leaves 1,587,100,000 in liabilities for NPS Adding in the 59 million IFDA(ILLINOIS FUNERAL DIRECTORS ASSOCIATION) write down of their trust fund the number comes to $1,646,100,00 USD loss in the funeral industry. Industry experts now put the funeral industry yearly value at 15 Billion. (Some folks say the Funeral Biz is a 22-24 Billion Industry but as far as I can tell these numbers do not come from experts)
That is a more than 10% loss for the funeral business. These numbers are staggering but in some ways not surprising. National Prearranged Services operated in 38% of the United States of America or in 19 of the 50 states.
This amounts to a Funeral Cost Tsunami on the average cost of a funeral. State Insurance guarranty Associations and generally holding back flood waters by covering peoples Funerals. Paperwork challenges and other factors generally mean a pressure on average funeral cost.
We will have to see what the final outcome will be. Long term funeral industry and government losses in the Wall Street Meltdown remain to be seen.
Scandal plus Scandal still means an upward pressure on funeral cost. Integrity, and due dilligence by funeral directors will be addressed going forward.
Blog by Your Funeral Guy.average cost of a funeral
Source: Kansas City.com
Disclaimer:This blog post asumes the figures at KansasCity.com are correct.